1184 Mazatlan CirColorado Springs, CO 80910

Property Details for 1184 Mazatlan Cir

Year built

1984

Lot size

9,605.00 AC

Property size (Sq ft)

3,212 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional four-unit apartment building in Colorado Springs, CO, presents a compelling value-add investment opportunity. Located at 1184 Mazatlan Cir, 80910, this two-story property, built in 1984, sits on a spacious 9,605-square-foot lot and offers 3,212 square feet of living space. Currently boasting 100% occupancy, the property features recently renovated interiors with LVP flooring, new carpet, stainless steel appliances, and fresh paint in each of the four two-bedroom, one-bathroom units. Each unit includes in-unit washer/dryer hookups and fireplaces. The property includes six parking spaces and is zoned PUD. The current Net Operating Income (NOI) is $43,699, yielding a 7.05% cap rate. However, a pro-forma NOI of $50,803 projects an 8.19% cap rate, reflecting the potential for significant rent growth. One unit is currently vacant, presenting an immediate opportunity for owner-occupancy or lease-up at market rates. The property's prime location near Academy Blvd Corridor, Highway 24, and I-25 provides easy access to shopping, dining, and entertainment, minimizing vacancy risk and maximizing rental income potential. This property is priced at $620,000 ($155,000 per unit) and offers a strong return on investment for both seasoned and first-time multifamily investors.

Location Insight

City

Colorado Springs

County

El Paso

State

Colorado

Latitude

38.818

Longitude

-104.769

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?

Please email our support team at [email protected] and they will add the team member.

How do I access a private listing?

Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.

How can I contact the broker?

We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.

How do I unsubscribe from emails?

At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].